The busy city of Dubai in the United Arab Emirates (UAE) is renowned for its upscale shopping, breathtaking architecture, and exciting nightlife. A popular location for business and investment opportunities has emerged in the city in recent years. The UAE has established a Golden Visa scheme, with Dubai leading the charge, as part of its efforts to draw in and keep high-net-worth individuals.
Describe the Golden Visa.
Foreign nationals who meet the necessary requirements can receive a Golden Visa, which is a long-term residency permit. People with significant financial investments in the nation or those with remarkable skills and qualities typically receive Golden Visas. People who make great contributions to the local economy may occasionally also be given Golden Visas.
Many nations around the world, including the UK, Portugal, and Australia, have seen an increase in interest in the Golden Visa program. Dubai was the first city in the UAE to issue Golden Visas, making it one of the newest nations to implement this scheme.
Dubai Golden Visa Qualifications
Entrepreneurs, investors, and highly qualified professionals are the main targets of the Dubai Golden Visa. The following qualifications must be met to be eligible for Dubai's Golden Visa program:
Investors
The Golden Visa may be available to foreign investors who fit the following requirements:
• Make an investment of no less than AED 10 million in the UAE. • The investment may fall under one of the following categories:
Property investments and real estate
- Forming a corporation
- Investment in an existing company
Entrepreneurs
The Golden Visa may be available to entrepreneurs that fit the following requirements:
Have received clearance from a UAE business incubator or accelerator. Possess a company worth at least 500,000 AED. Have at least three years of prior business experience.
Experts with a High Level of Skill
The Golden Visa may be available to highly qualified individuals who fit the following requirements:
• Possess a PhD from one of the top 500 colleges in the globe • Possess a prize or certificate honouring their achievements in their respective disciplines
• Have at least ten years' worth of experience in their line of employment
Dubai Golden Visa Advantages
For foreign nationals who qualify, the Dubai Golden Visa offers a number of advantages. Some of the main advantages of the Dubai Golden Visa program are:
Continuity of Residence
Foreign nationals have the chance to gain long-term residency in the UAE through the Golden Visa program in Dubai. When it expires, the visa can be extended for another five or 10 years.
Zero Income Tax
Individuals in the UAE are not subject to income tax. As a result, foreign citizens who receive a Golden Visa in Dubai will not be compelled to pay income tax on their earnings.
Business Process Simplicity
Dubai is one of the world's business-friendly cities. The government has implemented a number of policies to make it simple for foreign nationals to open and operate enterprises in the city. One of these measures is the Golden Visa initiative.
Local Services are Available
The Golden Visa in Dubai entitles foreign nationals to use local services like healthcare and education.
Possibility of supporting family members
Foreign nationals in Dubai who have been granted a Golden Visa may also apply to sponsor their immediate family members. Included are their partner and kids.
Conclusion
Foreign nationals seeking to settle in the UAE should take advantage of the Dubai Golden Visa program. Long-term residence, exemption from income tax, and access to neighbourhood services are only a few advantages of the program. The application process is quick and easy, and the program's eligibility requirements are very simple.
For commercial and investment prospects, Dubai has emerged as a major city.
Source: https://www.shortlistdubai.com/article/dubai-golden-visa/